SoftBank-backed OneConnect Financial Technology has filed for an Initial Public Offering (IPO) with the U.S. Securities and Exchange Commission.
According to China Daily, the proposed IPO will raise up to $100 million.
However, no pricing terms have been revealed.
The company plans to list the IPO on the New York Stock Exchange or Nasdaq Global Market.
Underwriters of the IPO include Morgan Stanley, Goldman Sachs, J.P. Morgan, Ping An Securities, BofA Securities, HSBC, CLSA Asia-Pacific Markets, and KeyBanc Capital Markets.
Founded in 2015, OneConnect is a technology platform for financial institutions that provides cloud-native technology solutions, including technology applications and tech-enabled business services. It focuses on providing financial technology solutions for small and medium-sized banks.
Its customer base includes 99% of China’s city commercial banks and 46% of the country’s insurance companies.
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